To: Board Presidents
Board Executive Officers
Board PAC Chairs
Board GR Staff
Cc: OREA Government Relations Committee
From: Matthew Thornton
Vice President, Public Affairs & Communications
Date: June 6th, 2017
Re: FYI – RECO’s Column on Escalation Clauses
Last week, RECO sent a communication on escalation clauses to all registrants. OREA received a number of complaints from our members about this communication. In response, President Ettore Cardarelli wrote to RECO (enclosed) expressing OREA’s concern that the article implied escalation clauses were permissible in Ontario.
OREA’s message to RECO is simple:
“RECO’s role is to provide clear direction to registrants on regulatory issues, not sow confusion on matters that have significant consumer protection implications.”
OREA is calling on RECO to immediately set the record straight and issue a clarification to all registrants.
If you have any questions, please do not hesitate to contact me at email@example.com or 416-385-6624.